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Like Twitter, Facebook sees $34 billion erased from market cap as Trump-ban fallout continues to spook tech investors
Business Insider ^ | 01/11/2021 | Ben Winck

Posted on 01/11/2021 3:20:20 PM PST by SeekAndFind

Facebook sank as much as 4.5% on Monday as investors continued to balk at the platform's ban of President Donald Trump.

The slide saw $33.6 billion erased from Facebook's market cap at intraday lows. Shares have since pared some losses and now trade about 2.6% lower.

The stock's decline comes as Wall Street reconciles with the president's role in encouraging supporters to storm the Capitol on Wednesday. Facebook CEO Mark Zuckerberg announced on Thursday the company would ban Trump "indefinitely," adding the risks of allowing him to remain on the platform "are simply too great."

Twitter, which permanently banned Trump on Friday, also underperformed the broader market slump on Monday. The downturns saw the communications-services stocks drop more than any other S&P 500 sector.

While Facebook is far from the only platform to ban Trump, it is among the largest to do so. Investors likely fear that the move will lead pro-Trump users to boycott the website and congregate elsewhere. Right-wing social-media platform Parler was poised to take in such users until Amazon removed the website from its hosting service.

Additionally, CNN's Kevin Liptak reported on Monday that the president might retaliate against big tech companies in response to the bans. He signaled he may lash out through executive actions against the companies but it's unclear what those policies would look like, sources familiar with the matter told CNN.

(Excerpt) Read more at markets.businessinsider.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Culture/Society; News/Current Events
KEYWORDS: censorship; facebook; facebookstock; stockmarket; stocks; storm; twitter; twitterstock
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1 posted on 01/11/2021 3:20:20 PM PST by SeekAndFind
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To: SeekAndFind

Great! I hope the boycotts expand


2 posted on 01/11/2021 3:23:01 PM PST by patriot torch (Ashlie Babbitt-say her name)
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To: SeekAndFind

Well, as long as the company shareholders are OK with ideology over profit....


3 posted on 01/11/2021 3:23:10 PM PST by silverleaf (“Democracy" is where the 51% tell the other 49% to go screw themselves.)
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To: SeekAndFind

Did not go past this lie from Business Insider: “The stock’s decline comes as Wall Street reconciles with the president’s role in encouraging supporters to storm the Capitol on Wednesday.”


4 posted on 01/11/2021 3:23:15 PM PST by Shady (WHO MURDERED ASHLI BABBITT? )
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To: SeekAndFind

Opps! That CCP cash you guys were counting on to cover those loses isn’t enough is it?


5 posted on 01/11/2021 3:23:26 PM PST by KC_Lion
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To: SeekAndFind

Economic POW er. Use yours.


6 posted on 01/11/2021 3:23:27 PM PST by PGalt
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To: SeekAndFind

I think we should call our mutual fund, 401K and IRA managers and tell them to divest of any company threatening the president of the US, Republican politicians and Trump supporters. Those companies include Amazon, Twitter, Google, Mozilla, Chase, Citibank, etc.


7 posted on 01/11/2021 3:24:22 PM PST by Betty Jane
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To: SeekAndFind

Quadruple that amount, make it permanent and then call me.


8 posted on 01/11/2021 3:24:25 PM PST by Fai Mao (Biden is a pedophile, Kamala is a s*ut.)
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To: SeekAndFind

In today’s tech world, this will just be brushed off. More important to go after the fascists.


9 posted on 01/11/2021 3:24:55 PM PST by Stravinsky (Politeness will not defeat the Marxist revolutionaries)
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To: SeekAndFind
...with the president's role in encouraging supporters to storm the Capitol on Wednesday.

Filthy damn liars!

10 posted on 01/11/2021 3:25:27 PM PST by KevinB (''... and to the Banana Republic for which it stands ...")
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To: SeekAndFind

Not to worry. Biden and the CCP will reward the loyalty of these evil corporations using the American taxpayer money.


11 posted on 01/11/2021 3:28:25 PM PST by Organic Panic (Flinging poo is not a valid argument)
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To: SeekAndFind

Twitter went public at $40 in 2013. Today it is a few bucks higher at $48.

Went nowhere during one of the biggest bull market runs in history.

Dorsey should be sued for incompetence.


12 posted on 01/11/2021 3:28:59 PM PST by Red in Blue PA (You can vote your way into socialism, but you have to shoot your way out.)
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To: Stravinsky

The Allu Akhbar business model.....
Take the company down for managements’ beliefs, if necessary


13 posted on 01/11/2021 3:29:19 PM PST by silverleaf (“Democracy" is where the 51% tell the other 49% to go screw themselves.)
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To: SeekAndFind

Hope they all go back to dial-up modems (techie here told me about them).


14 posted on 01/11/2021 3:30:00 PM PST by SkyDancer (Remember Ashli Babbitt!)
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To: Red in Blue PA

Dorsey should be sued for incompetence.

absolutely class action shareholders suit complete with discovery..break him..


15 posted on 01/11/2021 3:30:17 PM PST by rolling_stone (usa nice experiment ruined by "progressives'" )
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To: SkyDancer

256k for all. Lol


16 posted on 01/11/2021 3:33:11 PM PST by patriot torch (Ashlie Babbitt-say her name)
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To: SeekAndFind

The stock’s decline comes as Wall Street reconciles with the social media’s role in lying about Trump encouraging supporters to storm the Capitol on Wednesday.

There. Fixed it.


17 posted on 01/11/2021 3:34:48 PM PST by jdsteel ("A Republic, Madam, if you can keep it." Sorry Ben, looks like we blew it.)
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To: SeekAndFind

Nothing unusual about facebook’s day as far as price movement. It moves up and down more than that all the time.
Look at the chart.

https://www.cnbc.com/quotes/?symbol=FB&qsearchterm=fb

The same goes for Twitter, except anyone who bought Twitter longer than 34 days ago is still in the green after today.

I hope more people make the move though, many many more.


18 posted on 01/11/2021 3:35:42 PM PST by SaxxonWoods (Donald J. Trump is the rightful President of the USA and his own party won't admit that.)
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To: SeekAndFind

Guess the Masters of the Universe aren’t all powerful


19 posted on 01/11/2021 3:36:01 PM PST by Regulator (It's Fraud, Jim)
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To: SeekAndFind
'The slide' saw $33.6 billion erased from Facebook's market cap at intraday lows.


20 posted on 01/11/2021 3:36:21 PM PST by caww (Our God Reigns.....)
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